Friday, November 4, 2011

McCarthy: House moves to empower small business while the Senate fiddles

Rep. Kevin McCarthy, R-Bakersfield and House Majority Whip, gives us his view from Capitol Hill.

"The President has been traveling around the country saying that we ‘can’t wait’ to take action on job creation. I agree. That’s why the House has passed 22 separate bills to promote job creation. We’ve dubbed these bills the “Forgotten Fifteen” because the Senate has yet to vote on them.Included in the bills being blocked by Senate Majority Leader Harry Reid is legislation I introduced to open a new door for small businesses to obtain capital to create jobs.

"The Access to Capital for Job Creators Act (H.R. 2930) really hit home for me as a former small business owner. I started Kevin O’s Deli when I was 20 years old. I had an idea to expand and open more stores around Bakersfield, all I needed was the capital. If I had wanted to obtain that money from investors I didn't know, I would have had to register with the Securities and Exchange Commission – a costly and drawn-out process – because of anarcane depression-era regulation. This roadblock is something many small business owners have had to face, but on Thursday, the House repealed it.

"Empowering small businesses is one of the most effective ways to spur our economy. Small businesses generated almost two-thirds of the net new jobs in America over the past 15 years and employ over half of all private sector employees. I know my bill is only one step, but combined with the 21 other House-passed jobs bills, it could go a long way in helping small businesses grow and get people back to work. Below is a full list of the House-passed jobs bills the Senate has yet to act on: